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INVEST IN YOUR HOME

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HOME EQUITY LINE OF CREDIT
(HELOC)

If you’re a homeowner, you’re building equity that you can leverage for upgrades or other financial needs.

HOW IT WORKS

With a HELOC, you’re using the available equity in your home and then borrowing against it. Your house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished, much like a credit card. This means you can borrow against it more than once if you need to, and you can borrow as little or as much as you need throughout your draw period (typically 10 years) up to the credit limit you establish at closing. At the end of the draw period, the repayment period (typically 20 years) begins.

A HELOC can be used for a variety of things. It can be a great way to invest in your home to increase value such as building an extra room, upgrading or rennovations. Other options include, paying off higher interest debt or even college tuition. The interest rate is often much lower since this is considered a secured loan.

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BUILD TODAY

6-Month Introductory Rate4
3.99%APR

AVAILABLE FOR A LIMITED TIME

APPLY NOW

HOME OWNER TIP

There are often up-front fees asscoiated with your HELOC, be sure to ask your lender. Members 1st credit union waives many of these fees saving you thousands of dollars.

SAVE UP TO $2,400 IN FEES

HELOC fees can be as much as 6% of your HELOC loan amount. That adds up to $2,400 on a $40,000 HELOC. Unlike other lenders, you pay no fees with a Members 1st HELOC and can avoid the following fees.

Calculate your fee savings
$
APPLICATION FEE
$
HOME APPRAISAL FEE
$
ANNUAL FEE
$
DOCUMENT PREPARATION FEE

Loan Features

Flexible borrowing for your expenses or extra peace of mind.

Get up to $100,000

Receive maximum financing of $100,000.

Low payments

Enjoy low minimum monthly payments during your draw period.2

Tax deductions

Consult your tax advisor for potential tax-deductible interest.3

Fast approval

Get approved for your HELOC within 24 hours.

Automatic Payments

Set it and forget it. Never miss a payment again with automatic payments from your Members 1st or other checking account.

Fee free

No application, processing, or early payoff fees.1

Heloc Facts

HELOC (Variable Rate)

Possible uses

  • Home improvements
  • Consolidation of debt
  • Financing for higher education
  • Large purchases
  • Unexpected expenses

Interest rate

Variable rates as low as 5.65% APR*

Loan term

10-year draw period with 15-year repayment

Account Type

Variable rate line of credit. Funds can be redrawn as payments are made during the draw period. Unused draw periods maybe extended upon request.

Loan amount range

$20,000 - $100,000 (For amounts greater than maximum, please speak with a loan officer.)

Fees and closing costs

No application fees, annual fees, or closing costs.1

Payment Options

Payments during the draw period are lowered based on a 30-year repayment duration. After the draw period expires, payments are based on a 15-year repayment. (Speak with a loan officer for precise payment information.)

Access to funds

  • 24/7 access with Online Banking, Mobile Banking, and Mobile App
  • Request a transfer by phone
  • Convenience checks
  • Members 1st branches

Tax-deductions

Interest is usually tax-deductible3

HELOC (Fixed Rate)

Possible uses

  • Home improvements
  • Consolidation of debt
  • Financing for higher education
  • Large purchases
  • Unexpected expenses

Interest rate

Variable rates as low as 6.75% APR*

Loan term

5-year draw periods with a 10-year repayment

Account Type

Fixed rate line of credit. Funds can be redrawn as payments are made during the draw period. Unused draw periods maybe extended upon request.

Loan amount range

$20,000 - $100,000 (For amounts greater than maximum, please speak with a loan officer.)

Fees and closing costs

No application fees, annual fees, or closing costs.1

Payment Options

Payments during the draw period are lowered based on a 10-year repayment duration. After the draw period expires, payments are based on a 10-year repayment. (Speak with a loan officer for precise payment information.)

Access to funds

  • 24/7 access with Online Banking, Mobile Banking, and Mobile App
  • Request a transfer by phone
  • Convenience checks
  • Members 1st branches

Tax-deductions

Interest is usually tax-deductible3

Resources

Get the answers to your home equity questions.

Home Valuations

Rates

Fixed and variable rates to meet your needs.

Home Equity Loan Rates

APR* as low as

Home Equity Line of Credit

15 Years

Apply Now

6.75%

Fixed

Home Equity Line of Credit

25 Years

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3.99%

Introductory for the first 6 months

5.65%

Variable

View Rate Sheet

1. Line of Credit must remain open for the first 12 months to avoid pre-payment penalties.
2. Low repayment plan based on 360-month repayment duration while in draw period. After the draw period, the payment transitions to revised repayment duration based on the repayment plan for your loan.
3. Consult your tax advisor. Members 1st Credit Union does not provide tax advice.
4.*APR = Annual Percentage Rate. 6-month introductory offer is available for a limited time and subject to change. Minimum financing is $20,000 and maximum financing is $100,000 at 80% LTV. After 6-month fixed introductory rate of 3.99% APR expires, the APR is a variable rate and subject to change based on the month-ly average rate of the 6-month Treasury-Bill. The APR cannot increase more than 6% above the initial rate that would have been in effect without the discount.

This page contains disclosures that have been provided for your information. Please print or retain a copy for your own records. Members 1st Credit Union will acquire a security interest in your dwelling. The loss of the dwelling may occur in the event of default. Under certain conditions, Members 1st Credit Union may terminate the plan and require payment of the outstanding balance in full in a single payment and impose fees upon termination; prohibit additional extensions of credit or reduce the credit limit; and, as specified in the initial agreement, implement certain changes in the plan. You may receive, upon request, information about the conditions under which such actions may occur.

Apply now or speak with one of our loan officers at (800) 303-3838.